Elf Leasing purchased a machine for $500,000 and leased it to IGA, Inc. on January 1, 2021. $32,629 at beginning of each period 5 years (20 quarters) Lease description: Quarterly rental payments Lease term No residual value; no BPO Economic life of machine Implicit interest rate and lessee's incremental borrowing rate Fair value of asset 5 years 12% $500,000 Prepare appropriate entries for both IGA and Elf Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Amortization is recorded quarterly. Round your answers to the nearest whole dollar amounts